1 ITEM 4. 3
City of LQuarterly Treasurer Report
September 2022
This report presents a detailed discussion of the City' s fund balances and investment portfolio as of September 30, 2022. It includes all investments managed by the City on its own behalf as well as the City' s Trustees. The report provides information on cash flows, broken down by both investment manager ( City or Trustee) and by percentage allocation within the portfolio.
As of September 30, 2022, the investment portfolio was in compliance with all state laws and the City' s Investment Policy.
Current Portfolio Summary
As directed by the Investment Policy adopted by City Council, City staff strives to attain three primary goals with the City' s investments as follows( in order of priority):
1. Safety— Preservation of the principal of invested funds
2. Liquidity— Ability to liquidate one or more of the City' s investments if unexpected expenditures arise
3. Return— Attainment of a market rate of return
The majority of the portfolio is invested in the Local Agency Investment Fund ( LAIF), which is administered by the California State Treasurer' s office. LAIF provides the City with an investment vehicle with yields that are slightly greater than U. S. Treasuries (T- bills) with a 2- year maturity or less. LAIF is a high quality investment in terms of safety, liquidity, and yield. Additionally, LAIF is an " On Demand" account; meaning funds may be withdrawn upon with 1 day notice, representing maximum liquidity.
In addition to LAIF, the City holds investments in Money Market Mutual Funds, Nonnegotiable Certificates of Deposit, and State and Local Government Securities ( SLGS). These investments are prudent investment choices and are included in the City' s Investment Policy as allowable investments.
Each investment mentioned above has a specific maturity date. However, much of the portfolio is On Demand.
The short weighted average maturity provides the City with a great deal of liquidity during this period of heightened economic uncertainty and period of low investment yields. This liquidity places the City in a position to invest in longer term maturity investments once interest rates begin to move up toward their historical norms; overall macroeconomic indicators signal solid and consistent growth in future years.
The following table (Table: 1) provides a summary of the City' s cash and investments, by holding party, based on recorded value as of September 30, 2022 compared with the prior quarter:
Table: l
June 30, 2022 ' September 30, 2022
Holding Party d Amounts( i) ; '
of
Fund Amounts i)
i6 of
Portfolio Portfolio
Investments/ Cash held by the City 196, 532, 203 72% i $ 188, 763, 518 71% t—
Investments held by Trustees r 77, 431, 294 j 28% 75, 698, 730 _ 29% TOTAL 273, 963, 498 100% 264, 462, 248___ 100% _
1) i5mall variances are due to the summation and rounding of multiple figures to the nearest whole dollar Please see the following pages ( Tables: 2 through 5) for a more detailed analysis of transactional additions and reductions due to cash flow needs, debt service payments, and maturities/ rollovers of certain investments.
Revenues arrived during the quarter, per City staff expectations, are as follows: utility payments, property tax, franchise fees, sales tax( including Measure C), developer billing fees, grant reimbursements, building permit fees, plan check fees, and Transient Occupancy Tax ( TOT).
Significant payables paid out during the quarter include:
I. Nonrecurring Expenditure Capital Improvement Projects — General Government, Parks, Streets, Water, and Wastewater
II. Recurring Expenditures
a. Contractual— Park& Street Landscaping, and Water Treatment Services b. Intergovernmental payments — South San Joaquin Irrigation District ( Surface Water Contract), Lathrop Manteca Fire District, City of Manteca (Wastewater Contract) Quarterly Economic Update
According to the latest projections from PFM Asset Management; In Q3, U. S. economic conditions were characterized by: ( 1) persistently high inflation despite recent energy price declines; ( 2) aggressive interest rate hikes by the Fed; ( 3) rising Treasury yields and two- decade- high mortgage rates; ( 4) further weakening of credit and equity markets; and ( 5) increasing recession probability. Interest rates surged and equity markets fell in reaction to the Fed' s aggressive rate hikes designed to combat inflation. Over the first three quarters of 2022, the S& P 500 cemented its third worst performance of all time, the U. S. Dollar Index ( DXY) had its second strongest year on record, and the 10- year U. S. Treasury experienced its largest net yield gain in 35 years. With mortgage rates nearing 7%, home sales have cooled significantly and home prices have begun to soften. The third quarter saw two more aggressive Fed interest rate hikes of 0. 75% each — one in July and the other in September. The federal funds rate now stands at a target range of 3. 00%- 3. 25%, the highest level since 2008. Locally, the San Joaquin Valley area experienced a decrease in unemployment rates (San Joaquin County: 4. 9%; City of Lathrop:
5. 2%).
I certify that all of the investments reported herein are in accordance with the" City of Lathrop Investment Policy" adopted on October 11, 2021, with the Government Code, and other contractual agreements. I further certify the investments reported herein provide for the ability of the City to meet cash flow needs for the next six months.
FoQ G J
Ste Salvatore Cari James
ity Manager Director of Finance
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